Biotech Rally Fades But Plenty of Big Movers: ASCO June 6

Biotech stocks were weak at the onset and could not come back but the sector is still up about 7% over five days. Stocks were mixed on thursday and healthcare was weak with the XLV flat at $70.84.

The big mover was Alnylam Pharmaceuticals (ALNY) up 11% to $70.57 well of its low for the year near $50. Alnylam was boosted on some bad news from a competitor Ionis Pharmaceuticals (IONS) whose Phase 3 clinical trial for TTRRx a drug for amyloid cardiomyopathy will not be started by partner GlaxoSmith Kline (GSK). This news benefits Alnylam because their Phase 3 drug revusiran for a similar indication may not have the side effect of thrombocytopenia or low platelet levels. Alnylam has a market cap of $6B and is on a few M&A hit lists.

Juno Therapeutics (JUNO) was up 3% possibly on expectations of positive clinical news from ASCO for its CAR-T cellular therapy for acute lymphoblastic leukemia.

Array Biopharma (ARRY) moved 3.57% today on anticipation of key data to be presented at ASCO on its late stage candidates for melanoma and colorectal cancer.

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About Raynovich Rod

Rod Raynovich is an experienced biotech investor and analyst with a focus in vaccines, tools, IVD’s and biopharmaceuticals. Prior to starting Raygent.com, he was a former technology transfer office at UCLA and he has held various executive positions in the biotech and medical device industry, including senior positions at NASDAQ listed biomedical companies. Prior to that Mr.Raynovich held management positions at Abbott, JNJ and Technicon.

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Rod Raynovich is the founder of Raygent Associates, a management consulting firm providing business development and strategic marketing services in the life science and medical device area. He publishes his thoughts and analysis on the biotech industry at www.raygent.com.